Launch of faster payments in UK increases fraud fears


LONDON - The launch of the UK's Faster Payments scheme on May 27 has been heralded by its architect, payments association Apacs, as a significant advance in speeding up banks' processing of consumer online and internet banking payments. But there is still a concern that making the transit of electronic money faster will increase exposure to fraud.

Banks could find it more difficult to detect and block fraud within the Faster Payments (FP) system's shorter time frame. The latency of existing

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